Announcement • Mar 28
Eucatex S.A. Indústria e Comércio, Annual General Meeting, Apr 29, 2026 Eucatex S.A. Indústria e Comércio, Annual General Meeting, Apr 29, 2026. New Risk • Mar 20
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 20% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.8% average weekly change). Large one-off items impacting financial results. Reported Earnings • Mar 15
Full year 2025 earnings released: EPS: R$3.46 (vs R$2.15 in FY 2024) Full year 2025 results: EPS: R$3.46 (up from R$2.15 in FY 2024). Revenue: R$3.10b (up 8.6% from FY 2024). Net income: R$319.1m (up 61% from FY 2024). Profit margin: 10% (up from 6.9% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 27% per year, which means it is well ahead of earnings. New Risk • Feb 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Brazilian stocks, typically moving 6.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.2% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (9.6% net profit margin). New Risk • Nov 28
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 25% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (9.6% net profit margin). Reported Earnings • Nov 17
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: R$798.3m (up 3.1% from 3Q 2024). Net income: R$81.1m (up 83% from 3Q 2024). Profit margin: 10% (up from 5.7% in 3Q 2024). The increase in margin was primarily driven by higher revenue. New Risk • Aug 26
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 20% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (8.5% net profit margin). Reported Earnings • Aug 14
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: R$784.1m (up 14% from 2Q 2024). Net income: R$85.0m (up 27% from 2Q 2024). Profit margin: 11% (up from 9.7% in 2Q 2024). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to R$15.67, the stock trades at a trailing P/E ratio of 7.3x. Average trailing P/E is 16x in the Forestry industry globally. Total returns to shareholders of 85% over the past three years. Announcement • Apr 17
Eucatex S.A. Indústria e Comércio to Report Q1, 2025 Results on May 14, 2025 Eucatex S.A. Indústria e Comércio announced that they will report Q1, 2025 results at 6:00 PM, E. South America Standard Time on May 14, 2025 New Risk • Mar 25
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 5.6% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.9% net profit margin). New Risk • Mar 24
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 35% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.9% net profit margin). Reported Earnings • Mar 17
Full year 2024 earnings released: EPS: R$2.15 (vs R$4.58 in FY 2023) Full year 2024 results: EPS: R$2.15 (down from R$4.58 in FY 2023). Revenue: R$2.86b (up 6.7% from FY 2023). Net income: R$198.0m (down 53% from FY 2023). Profit margin: 6.9% (down from 16% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Upcoming Dividend • Jan 01
Upcoming dividend of R$0.63 per share Eligible shareholders must have bought the stock before 07 January 2025. Payment date: 31 December 2025. Payout ratio is a comfortable 6.5% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Brazilian dividend payers (9.9%). Lower than average of industry peers (3.3%). New Risk • Nov 26
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 37% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 14
Third quarter 2024 earnings released: EPS: R$1.22 (vs R$0.66 in 3Q 2023) Third quarter 2024 results: EPS: R$1.22. Revenue: R$774.4m (up 13% from 3Q 2023). Net income: R$44.3m (down 27% from 3Q 2023). Profit margin: 5.7% (down from 8.8% in 3Q 2023). Reported Earnings • Aug 19
Second quarter 2024 earnings released: EPS: R$0.72 (vs R$0.60 in 2Q 2023) Second quarter 2024 results: EPS: R$0.72 (up from R$0.60 in 2Q 2023). Revenue: R$688.8m (up 5.8% from 2Q 2023). Net income: R$66.9m (up 21% from 2Q 2023). Profit margin: 9.7% (up from 8.5% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 16
First quarter 2024 earnings released First quarter 2024 results: Revenue: R$641.0m (down 5.5% from 1Q 2023). Net income: R$53.3m (down 31% from 1Q 2023). Profit margin: 8.3% (down from 11% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 6% per year. New Risk • Mar 27
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 41% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 24
Full year 2023 earnings released: EPS: R$4.58 (vs R$2.79 in FY 2022) Full year 2023 results: EPS: R$4.58 (up from R$2.79 in FY 2022). Revenue: R$2.68b (up 6.6% from FY 2022). Net income: R$422.2m (up 64% from FY 2022). Profit margin: 16% (up from 10% in FY 2022). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 17
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: R$684.7m (up 1.8% from 3Q 2022). Net income: R$60.5m (up 34% from 3Q 2022). Profit margin: 8.8% (up from 6.7% in 3Q 2022). Reported Earnings • Aug 12
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: R$651.3m (up 8.4% from 2Q 2022). Net income: R$55.5m (up 23% from 2Q 2022). Profit margin: 8.5% (up from 7.5% in 2Q 2022). Announcement • May 13
Eucatex S.A. Indústria e Comércio to Report Q1, 2023 Results on May 11, 2023 Eucatex S.A. Indústria e Comércio announced that they will report Q1, 2023 results at 6:00 PM, E. South America Standard Time on May 11, 2023 Reported Earnings • May 13
First quarter 2023 earnings released First quarter 2023 results: Revenue: R$678.6m (up 14% from 1Q 2022). Net income: R$76.9m (down 10.0% from 1Q 2022). Profit margin: 11% (down from 14% in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 42% per year whereas the company’s share price has increased by 38% per year. Reported Earnings • Mar 24
Full year 2022 earnings released: EPS: R$2.62 (vs R$4.88 in FY 2021) Full year 2022 results: EPS: R$2.62 (down from R$4.88 in FY 2021). Revenue: R$2.51b (up 2.5% from FY 2021). Net income: R$257.5m (down 43% from FY 2021). Profit margin: 10% (down from 18% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Announcement • Feb 08
Eucatex S.A. Indústria e Comércio, Annual General Meeting, Apr 26, 2023 Eucatex S.A. Indústria e Comércio, Annual General Meeting, Apr 26, 2023. Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to R$10.60, the stock trades at a trailing P/E ratio of 3x. Average trailing P/E is 6x in the Forestry industry in South America. Total returns to shareholders of 52% over the past three years. Valuation Update With 7 Day Price Move • Dec 26
Investor sentiment improved over the past week After last week's 16% share price gain to R$8.04, the stock trades at a trailing P/E ratio of 2.3x. Average trailing P/E is 5x in the Forestry industry in South America. Total returns to shareholders of 1.2% over the past three years. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 7 non-independent directors. Member of Fiscal Council Benedito Alfredo Blanc was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment improved over the past week After last week's 15% share price gain to R$8.50, the stock trades at a trailing P/E ratio of 2.2x. Average trailing P/E is 6x in the Forestry industry in South America. Total returns to shareholders of 72% over the past three years. Reported Earnings • Aug 16
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: R$600.9m (up 8.0% from 2Q 2021). Net income: R$45.1m (down 73% from 2Q 2021). Profit margin: 7.5% (down from 30% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Board Change • Apr 26
No independent directors There are 8 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 8 new directors. 2 experienced directors. 2 highly experienced directors. No independent directors (7 non-independent directors). Vice President of the Board, CEO & Chairman of Board of Executive Officers Flávio Maluf is the most experienced director on the board, commencing their role in 2005. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Apr 01
Full year 2021 earnings released Full year 2021 results: Revenue: R$2.45b (up 36% from FY 2020). Net income: R$449.9m (up 212% from FY 2020). Profit margin: 18% (up from 8.0% in FY 2020). The increase in margin was driven by higher revenue. Announcement • Apr 01
Eucatex S.A. Indústria e Comércio to Report Q4, 2021 Results on Mar 30, 2022 Eucatex S.A. Indústria e Comércio announced that they will report Q4, 2021 results After-Market on Mar 30, 2022 Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment improved over the past week After last week's 20% share price gain to R$10.90, the stock trades at a trailing P/E ratio of 3x. Average trailing P/E is 7x in the Forestry industry in South America. Total returns to shareholders of 176% over the past three years. Valuation Update With 7 Day Price Move • Aug 13
Investor sentiment improved over the past week After last week's 19% share price gain to R$10.82, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 9x in the Forestry industry in South America. Total returns to shareholders of 227% over the past three years. Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment improved over the past week After last week's 16% share price gain to R$10.62, the stock trades at a trailing P/E ratio of 6.8x. Average trailing P/E is 18x in the Forestry industry globally. Total returns to shareholders of 122% over the past three years. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment improved over the past week After last week's 25% share price gain to R$9.38, the stock trades at a trailing P/E ratio of 6.8x. Average trailing P/E is 18x in the Forestry industry globally. Total returns to shareholders of 70% over the past three years. Announcement • Mar 20
Eucatex S.A. Indústria e Comércio to Report Q4, 2020 Results on Mar 29, 2021 Eucatex S.A. Indústria e Comércio announced that they will report Q4, 2020 results on Mar 29, 2021 Announcement • Feb 18
Eucatex S.A. Indústria e Comércio, Annual General Meeting, Apr 27, 2021 Eucatex S.A. Indústria e Comércio, Annual General Meeting, Apr 27, 2021. Reported Earnings • Nov 16
Third quarter 2020 earnings released: EPS R$0.47 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: R$531.4m (up 33% from 3Q 2019). Net income: R$43.8m (up 120% from 3Q 2019). Profit margin: 8.2% (up from 5.0% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Nov 12
New 90-day high: R$7.95 The company is up 22% from its price of R$6.53 on 14 August 2020. The Brazilian market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Forestry industry, which is up 9.0% over the same period. Is New 90 Day High Low • Oct 24
New 90-day high: R$7.70 The company is up 22% from its price of R$6.31 on 24 July 2020. The Brazilian market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Forestry industry, which is up 12% over the same period. Is New 90 Day High Low • Oct 09
New 90-day high: R$7.15 The company is up 10.0% from its price of R$6.50 on 10 July 2020. The Brazilian market is down 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Forestry industry, which is up 5.0% over the same period.